Published on 12/24/2019 in the Prospect News Structured Products Daily.
New Issue: Citi prices $3.52 million callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 24 – Citigroup Global Markets Holdings Inc. priced $3.52 million of callable contingent coupon equity-linked securities due Dec. 23, 2024 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at an annual rate of 6.05% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
Beginning in December 2020, the notes are callable at par plus any coupon on any quarterly call date.
The payout at maturity will be par unless any index finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 and Nasdaq-100
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| Amount: | $3.52 million
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| Maturity: | Dec. 23, 2024
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| Coupon: | 6.05%, payable monthly if each index closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below trigger level, in which case 1% loss for each 1% decline of least-performing index from initial level
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| Call: | At par plus any coupon on any quarterly date after one year
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| Initial levels: | 28,239.38 for Dow, 1,661.731 for Russell 2000 and 8,580.624 for Nasdaq-100
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| Coupon barrier levels: | 19,767.496 for Dow, 1,163.212 for Russell 2000 and 6,006.437 for Nasdaq-100; 70% of initial levels
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| Barrier levels: | 16,943.568 for Dow, 997.039 for Russell 2000 and 5,148.374 for Nasdaq-100; 60% of initial levels
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 4.125%
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| Cusip: | 17327TP26
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